Who needs fund managers? New equities head at ADIA

The Abu Dhabi Investment Authority (ADIA) has appointed the former head of Asia Pacific equities at Legal & General Investment Management to run an internal team. The sovereign wealth fund has brought Suresh Sadasivan on board as head of Asia, ex Japan, it announced today. He will replace Lars Roemer Sorensen, who left the fund a few months ago after more than a five year tenure.
In its latest annual report, ADIA said it had brought five percentage points of its considerable assets under the auspices of its in-house investment team. At the end of 2012, some 75% of its assets were managed externally, down from approximately 80% a year earlier………………………………………..Full Article: Source